Microsoft
has taken on a firm of 'corporate action specialists' in a bid to replace the
Yahoo board of
directors which
formally
declined the software giant's
$44bn offer
made on 1 February.
In a so-called 'proxy fight' Microsoft would hope to encourage investors to
remove the existing Yahoo board, all of whom are up for nomination this year.
A report in
The
New York Times on Tuesday suggested that Microsoft may instigate its proxy
battle as soon as this week.
The company would then have until 14 March to submit its own choice of
directors for shareholders to approve.
Yahoo, meanwhile, has quickly ushered in generous redundancy benefits for
employees.
Details revealed in a securities filing suggest that all staff will receive
at least four months' salary, with top executives securing two years' worth, in
the event of redundancies if the company is sold in the next two years.
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